Bahamas pays its 2010 Contribution

8 April 2010

Bahamas pays its 2010 contribution to IMO budget

His Excellency Mr. Paul Farquharson, QPM, High Commissioner and Permanent Representative of the Commonwealth of the Bahamas to the International Maritime Organization has presented (on 7 April 2010) a cheque for £1,377,596 to the Secretary-General of the International Maritime Organization (IMO), to settle in full the assessed budget contribution to IMO of the Government of the Bahamas for 2010.

Mr. Farquharson was accompanied by Commodore Davy F. Rolle, Managing Director and Chief Executive Officer, the Bahamas Maritime Authority and Ms Judith Francis, Maritime Attaché and Alternate Permanent Representative of the Commonwealth of the Bahamas to IMO.

Note: The annual assessed budget of IMO (of £27,748,500 for 2010) is distributed amongst the Organization's 169 Member States and three Associate Members on the basis of a contribution formula which, broadly speaking, apportions 85% of the budget to the gross tonnage of ships registered in each Member State, as recorded by IHS Fairplay, and 15% according to capacity to pay.

Bahamas has the world’s third largest merchant fleet by gross tonnage under its flag and its contribution represents around 4.9 per cent of the assessed budget for the Organization.

Source: IMO